Bitcoin experienced a brief dip on Sunday after U.S. President Joe Biden announced he would not seek a second term. This announcement led to the liquidation of $159 million worth of futures contracts, according to Coinglass. However, the dip was short-lived, and Bitcoin's price quickly rebounded, briefly touching $68,480.36 early Monday morning before settling at $67,284.98. This marks a 0.4% increase from the previous day and a 7% gain compared to the previous week, with a 24-hour trading volume of $30.2 billion, according to Coingecko.
A significant factor contributing to Bitcoin's price surge is the unexpected interest rate cut by the People's Bank of China (PBOC). The PBOC's decision to lower its short-term policy and benchmark lending rates is seen as a strategic move by the world's second-largest economy. This announcement has had a ripple effect, bolstering investor confidence in the crypto market.
Source: CME
Investors are now turning their attention to the U.S. Federal Reserve's upcoming Federal Open Market Committee (FOMC) meeting scheduled for July 31. According to the CME FedWatch Tool, approximately 95% of investors believe the FOMC will maintain current interest rates, while 92% expect a rate cut in the September 18 meeting. Bitcoin typically benefits from U.S. interest rate cuts, as lower rates make traditional investments like treasury bonds less attractive, prompting traders to allocate more assets to riskier categories such as stocks and cryptocurrencies.
The release of new economic indicators from the Bureau of Economic Analysis later this week is anticipated to cause significant market volatility. BRN analyst Valentin Fournier noted that these figures are likely to confirm imminent rate cuts, potentially fueling the current rally. Key indicators to watch include U.S. GDP and Personal Consumption Expenditures (PCE), which could reinforce the expectation of future rate cuts and sustain Bitcoin's positive momentum.
Another event that could impact Bitcoin's price is the launch of spot Ethereum ETFs in the U.S., scheduled for Tuesday, July 23, at 9:30 a.m. Eastern Time. While the debut of these funds is primarily focused on Ethereum, it is expected to have a positive effect on Bitcoin as well. Fournier suggested that positive ETF inflows could sustain Bitcoin's rally and potentially push its price above $70,000.
Bitcoin's recent price surge to $68,000 is driven by a combination of macroeconomic factors, including China's unexpected interest rate cut and upcoming U.S. economic indicators. With the launch of spot Ethereum ETFs on the horizon, Bitcoin's positive trend could continue, potentially reaching new monthly highs. Investors are closely monitoring these developments to inform their trading strategies in the volatile crypto market.
Raoul Pal predicted that the number of crypto users could reach four billion by 2030, with the market potentially hitting $100 trillion by 2032. He based this on wallet growth compared to early internet adoption, though critics say wallet counts may overstate real usage.
AnaisSouth Korea’s FSC nominee, Lee Eok-won, sparked controversy by calling cryptocurrencies worthless and warning against pension fund investments. Critics say his stance ignores crypto’s real economic value and risks driving investment and talent abroad.
AnaisHollywood is making a new thriller called Killing Satoshi about the mysterious creator of Bitcoin, starring Casey Affleck and Pete Davidson. The film will explore Satoshi Nakamoto’s secrets and the global race for control over his $120 billion in untouched Bitcoin.
AnaisKidnappings, crypto manipulation and institutional corruption are no longer just the subplot of crime thrillers; they have become fixtures of our digital reality.
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XingChiThe UAE has built a Bitcoin reserve of around 6,300 BTC, worth up to $740 million, mainly through state-backed mining. This makes it one of the largest national holders, ranking just ahead of El Salvador.
AnaisA Philippine lawmaker has proposed that the central bank buy 2,000 bitcoins each year for five years, creating a national reserve of 10,000 coins. The plan aims to strengthen the country’s finances and provide a long-term store of value alongside traditional reserves like gold and foreign currency.
WeatherlyJapan plans to tax crypto profits at a flat 20% instead of rates as high as 55%. The regulator also aims to allow crypto ETFs and approve the country’s first yen-backed stablecoin.
AnaisArthur Hayes, the BitMEX co-founder pardoned by Donald Trump, has invested in a stem cell firm with clinics in Mexico and Bangkok. He is also backing crypto treasury firms while warning that the market may already be overheating.
WeatherlyA Pennsylvania lawmaker has put forward a bill to stop politicians and their families from owning or trading crypto while in office. The plan follows claims that Donald Trump has used his role to profit from tokens like his own memecoin.
WeatherlyGolden Finance launches the 2393rd issue of "Golden Morning 8", a morning report on the cryptocurrency and blockchain industry, to provide you with the latest and fastest news on the digital currency and blockchain industry.
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